ADB raises Philippines growth forecast to 6.5% for 2022

The Asian Development Bank (ADB) has raised its growth forecast for the Philippines this year, but warned that a slowdown in global growth and a spike in commodity prices could still threaten recovery. The ADB said the country’s gross domestic product (GDP) is now projected to expand by at least 6.5% this year, higher than its 6% forecast made in April. The latest GDP projection for the Philippines tied with Vietnam as the highest in Southeast Asia. It is also above the ADB’s 5% growth forecast for Southeast Asia, which was raised from 4.9%. ADB Philippines Country Director Kelly Bird said strong domestic demand supported by a pickup in employment and remittance inflows, private investment expansion, and large public infrastructure projects will underpin the country’s recovery from the economic impact of the pandemic.